Agreement for sale of Redaelli Tecna

Source: RNS
RNS Number : 8198U
Public Joint Stock Co. Severstal
23 January 2017
 

 

 

 

Agreement for sale of Redaelli Tecna

January, 23, Moscow - PAO Severstal (the "Company") one of the world's leading vertically integrated steel and steel-related mining companies, announces that its subsidiary, JSC Severstal - Metiz, Severstal's international metal ware manufacturer, has entered into a definitive agreement with Teufelberger Wirerope GmbH, a leading international metal wire ropes producer based in Austria, for the sale of Severstal's subsidiary company Redaelli Tecna S.p.A ("Redaelli Tecna", part of JSC Severstal - Metiz).

Redaelli Tecna S.p.A. is based in Italy and is a global market leader in the design and manufacture of steel wire ropes for off-shore and on-shore oil activities, mining, cableways, material transportation and hoisting, in the development and production of engineering systems for the tenso structures. With a staff of 330 employees, Redaelli Tecna generated revenues of € 91.7 million in 2015.

Alexander Shevelev, CEO of AO Severstal Management, said: "The sale reflects Severstal's commitment to maximize value creation for its shareholders and will allow Severstal-metiz to focus on its Russian assets and enhance its efficiency".

The transaction is expected to complete in first half of 2017, subject to receipt of antitrust clearances and other customary closing conditions as agreed by the parties.

            Rothschild is acting as financial adviser to Severstal in connection with the sale.

 

 

For further information please contact:

 

Investor Relations

Evgeny Belov

T: +7 (495) 926-77-66

evgenii.belov@severstal.com

 

Public Relations

Anastasia Mishanina

T: +7 (495) 926-77-66

anastasia.mishanina@severstal.com

 

 

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PАО Severstal is one of the world's leading vertically integrated steel and steel related mining companies, with assets in Russia, Ukraine, Latvia, Poland, Italy and Liberia. Severstal is listed on RTS and MICEX and the company's GDRs are traded on the LSE. Severstal reported revenue of $6,396 million and EBITDA of $2,096 million in 2015. Severstal's crude steel production in 2015 reached 11.5 million tonnes. www.severstal.com

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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